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“When the economic environment is as difficult as it is, lowering interest rates is a sign of underlying problems ,” said Dan Greenhaus, chief global strategist at BTIG on CNBC’s “ Fast Money Halftime Report .” “Unless there is some reason to be optimistic, which there isn’t necessarily, lower interest rates is a sign of something bad.”
Earlier, the ECB slashed its interest rate to a record low of 0.75 percent and its deposit rate to zero in an effort to help tackle the ongoing euro zone crisis.
ECB President Mario Draghi warned that economic growth in the euro area " continues to remain weak ," with heightened uncertainty weighing on confidence and sentiment. Draghi also added that the euro zone economy was subject to downside risks.
And the Bank of England launched a third round of monetary stimulus , announcing it would print more money and buy 50 billion pounds ($78 billion) of asset purchases to help the economy.
China's central bank also cut its interest rates for the second time in two months to help support its slowing economy.
On the employment front, private employers added 176,000 jobs in June, according to the ADP National Employment Report, beating expectations for a gain of 105,000 positions.
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